# Coldcard Fallout

URL: /show/this-week-in-bitcoin/117/
> We unpack the widening Coldcard fallout, the uncomfortable lessons Bitcoiners need to face, and a major macro intervention that reveals just how trapped the financial system has become.

- Show: [This Week In Bitcoin](/show/this-week-in-bitcoin/)
- Episode: 117
- Date: 2026-08-05
- Hosts: chris
- Duration: 01:29:39
- Audio: https://feeds.fountain.fm/40huHEEF6JMPGYctMuUI/items/9j62Z5QP2IhqcXMQCKa2/files/AUDIO---DEFAULT---eTqc321JryUvxBRs6LQY.mp3


Transcripts: [application/x-subrip](https://feeds.fountain.fm/40huHEEF6JMPGYctMuUI/items/9j62Z5QP2IhqcXMQCKa2/files/AUDIO---TRANSCRIPT---DEFAULT---SRT.srt)




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**Show Notes**

* [COLDCARD Mk3 Seed Generation Warning](https://blog.coinkite.com/coldcard-mk3-seed-generation-warning/)
* [COLDCARD Entropy Issue: Technical Background](https://blog.coinkite.com/entropy-technical-backgrounder/)
* [Predictable RNG Fallback in COLDCARD Firmware](https://engineering.block.xyz/blog/predictable-rng-fallback-and-32-bit-reseed-in-coldcard-firmware)
* [COLDCARD Entropy and Nonce Analysis](https://gist.github.com/Rob1Ham/231d0ea0fec2d4f258584bff8a050331)
* [COLDCARD TRNG Recovery Fix](https://github.com/Coldcard/firmware/pull/692)
* [When random.bytes() Runs but Doesn’t Work](https://insider.btcpp.dev/p/when-randombytes-runs-but-doesnt)
* [COLDCARD’s Random Numbers Weren’t](https://coldcard.rip/)
* [Everything to Know About the COLDCARD Hack](https://www.therage.co/everything-you-need-to-know-about-the-coldcard-hack/)
* [How COLDCARD Wallets Lost $70 Million](https://www.coindesk.com/tech/2026/08/01/how-bitcoin-cold-wallets-lost-usd70-million-in-an-attack-that-never-touched-the-devices)
* [COLDCARD Exploit Shakes Faith in Self-Custody](https://www.coindesk.com/business/2026/07/31/coldcard-s-usd38-million-so-far-exploit-shakes-faith-in-self-custody-may-push-investors-to-etfs)
* [COLDCARD Wallet Attack Drains Up to $89 Million](https://www.foxbusiness.com/fox-news-tech/coldcard-wallet-attack-drains-up-89m-bitcoin-from-1200-addresses)
* [COLDCARD Flaw Linked to $70 Million Theft](https://thehackernews.com/2026/08/coldcard-hardware-wallet-flaw-linked-to.html)
* [COLDCARD Attacker Stole $30 Million in 10 Minutes](https://news.bitcoin.com/security/coldcard-attacker-stole-30m-in-10-minutes-by-targeting-big-wallets/)
* [COLDCARD Firmware Bug Drained $38 Million](https://crypto.news/coldcard-firmware-bug-drains-38-million-bitcoin/)
* [COLDCARD Firmware Bug Bypassed RNG for Five Years](https://www.techtimes.com/articles/322392/20260731/coldcard-hardware-wallet-hacked-via-firmware-bug-that-bypassed-rng-five-years.htm)
* [Hackers Target Bitcoin’s Safest Hiding Place](https://www.bloomberg.com/news/articles/2026-08-03/hackers-target-bitcoin-s-safest-hiding-place-in-ongoing-attack)
* [COLDCARD Attack Pushes Bitcoin Toward Exchanges](https://crypto.news/coldcard-pushes-bitcoin-back-to-exchanges-anti-self-custody-trade/)
* [$38 Million Swept Through Weak Seed Entropy](https://www.blockchainunmasked.com/post/coldcard-seed-flaw-38m)
* [More Details on COLDCARD Bricking](https://primal.net/e/nevent1qqszsa7m9s4w6cdduks6mp97tr79z2m2nhteky27t8zja0cx5m0du0sg9sps4)
* [COLDCARD Incident Victim Intake](https://www.117partners.com/coldcard-claimants)
* [How Blockstream Jade Generates Recovery Phrases](https://help.blockstream.com/blockstream-jade/faqs/how-does-jade-generate-my-recovery-phrase)
* [BlockSlop: BIP-110 Chainstate Validation Gap](https://blockslop.dev/)
* [Bitcoin Developer Revives PoW-Change Code for BIP-110](https://www.binance.com/en/square/post/08-04-2026-bitcoin-developer-adapts-2017-proof-of-work-change-code-for-bip-110-contingency-plan-352128329550177)
* [BIP-110 and Who Decides Bitcoin’s Future](https://www.coindesk.com/tech/2026/07/14/bitcoin-s-bip-110-sparked-a-fight-over-who-gets-to-decide-the-future-of-bitcoin)
* [BIP-110 Falls Flat With Zero Miner Support](https://www.techtimes.com/articles/320455/20260714/bip-110-falls-flat-what-zero-miner-support-reveals-about-bitcoin-governance.htm)
* [Did IBM’s Quantum Timeline Spook Jim Cramer?](https://thequantuminsider.com/2026/08/04/did-ibm-ceos-quantum-timeline-prompt-jim-cramer-to-exit-bitcoin/)
* [Jim Cramer Rethinks Bitcoin Over Quantum Risk](https://www.thestreet.com/crypto/markets/jim-cramer-rethinks-bitcoin-after-ibm-ceos-three-year-warning)
* [Lummis Says CLARITY Act Delay Could Kill the Bill](https://coinpedia.org/news/lummis-warns-clarity-act-delay-is-a-deliberate-decision-to-kill-the-bill/)
* [Lummis Presses CLARITY Act Holdouts](https://stocktwits.com/news-articles/markets/equity/lummis-presses-clarity-act-holdouts/cZ8UcWGRJ5f)
* [Warren’s Opening Remarks on the CLARITY Act](https://www.banking.senate.gov/newsroom/minority/senator-warren-opening-remarks-at-committee-mark-up-of-the-clarity-act)
* [Warren Warns About Crypto Money Laundering](https://www.warren.senate.gov/news/press-releases/icymi-at-hearing-warren-warns-about-cryptos-use-for-money-laundering-by-rogue-states-terrorists-and-criminals/)
* [Fed Holds Rates Steady as Warsh Fights Inflation](https://www.reuters.com/world/us/fed-meeting-live-us-central-bank-interest-rate-decision-warsh-press-conference-2026-07-29/)
* [Warsh’s Quieter Fed Communication Strategy](https://finance.yahoo.com/economy/policy/articles/kevin-warsh-stripped-back-fed-102426412.html)
* [A Quieter Fed Could Mean More Volatile Markets](https://www.ap.org/news-highlights/elections/2026/warshs-gamble-a-quieter-federal-reserve-could-mean-volatile-markets-higher-rates/)
* [Warsh Says the Fed Has No Tolerance for Inflation](https://www.wsj.com/economy/central-banking/warsh-tells-congress-the-fed-has-no-tolerance-for-high-inflation-50c5dfa8)
* [Warsh Reiterates the Fed’s Inflation Pledge](https://www.nytimes.com/2026/07/14/business/economy/warsh-fed-cpi-inflation.html)
* [June 2026 FOMC Statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260617a.htm)
* [U.S. Treasury Signals Possible Yen Intervention](https://www.reuters.com/world/asia-pacific/us-treasury-informed-banks-that-it-may-intervene-yen-source-says-2026-07-31/)
* [Why the U.S. Stepped In to Support the Yen](https://www.cnbc.com/2026/08/03/japan-yen-intervention-us-treasurys-euros-.html)
* [Why Trump Is Propping Up Japan’s Currency](https://www.theguardian.com/world/2026/aug/03/trump-japan-currency-yen-explainer)
* [Bessent Says the Japanese Yen Looks Undervalued](https://mainichi.jp/english/articles/20260731/p2g/00m/0in/010000c)
* [Delayed BOJ Hike Adds Pressure on the Yen](https://www.mufgresearch.com/fx/fx-daily-snapshot-16-april-2026/)
* [Lessons From the Plaza Accord](https://www.piie.com/publications/chapters_preview/7113/11iie7113.pdf)
* [The Real Lessons From the Plaza and Louvre Accords](https://www.ft.com/content/78b42ffc-5be1-4b38-8711-0cce728c8516)

**Music:**

* [Empty Passenger Seat by Joe Martin](https://fountain.fm/track/1Yi7Qe8DEmX0n6PoUzEp)